"Buffett says wealthy Americans are definitely undertaxed"
REUTERS: Billionaire investor Warren Buffett said on Monday (Feb 25) that the wealthy, including himself, are not paying enough taxes.
"The wealthy are definitely undertaxed relative to the general population," Buffett, the chairman of Berkshire Hathaway, told CNBC television on Monday.
"As we get more specialised, the rich will get richer," he continued.
"The question is: 'How do you take care of a guy who is a wonderful citizen whose father died in Normandy and just doesn't have market skills?' I think the income tax credit is the best way to address that."
"That probably means more taxes for guys like me, and I'm fine with it," he said.
Buffett, 88, spoke after Charlie Munger, his 95-year-old business partner and Berkshire vice chairman, told CNBC earlier this month that states like California and Connecticut have been "stupid" for driving rich people away.
After regaining control of the House of Representatives in the 2018 midterm elections, some Democratic lawmakers have been calling for higher taxes on the wealthy.
They include Alexandria Ocasio-Cortez, a Democrat from New York City, who has proposed a 70 per cent marginal tax on incomes over US$10 million to bridge the growing wealth gap between the rich and poor."
Mr Buffett is eminently qualified to talk abt taxing the rich given he is one of the richest man in the USA n the world!
He has been consistently advocating for his fellow rich folks to pay more taxes if the money is used to make sure that the poor r not overwhelmed by the burdens of life that they r forced to rob the rich; like in the ancient past!!
Of course, the rich folks can use many legitimate tax avoidance schemes to minimise the taxes they pay. This is especially so if they believed that tax money r usually being abused for personal n unethical or unproductive public spending!!
This is also one reason many high net worth individuals set up charitable funds to avoid tax n focused on doing their own social work as they hv full control of the programs.
The gov should encourage this type of behaviours!!
REUTERS: Billionaire investor Warren Buffett said on Monday (Feb 25) that the wealthy, including himself, are not paying enough taxes.
"The wealthy are definitely undertaxed relative to the general population," Buffett, the chairman of Berkshire Hathaway, told CNBC television on Monday.
"As we get more specialised, the rich will get richer," he continued.
"The question is: 'How do you take care of a guy who is a wonderful citizen whose father died in Normandy and just doesn't have market skills?' I think the income tax credit is the best way to address that."
"That probably means more taxes for guys like me, and I'm fine with it," he said.
Buffett, 88, spoke after Charlie Munger, his 95-year-old business partner and Berkshire vice chairman, told CNBC earlier this month that states like California and Connecticut have been "stupid" for driving rich people away.
After regaining control of the House of Representatives in the 2018 midterm elections, some Democratic lawmakers have been calling for higher taxes on the wealthy.
They include Alexandria Ocasio-Cortez, a Democrat from New York City, who has proposed a 70 per cent marginal tax on incomes over US$10 million to bridge the growing wealth gap between the rich and poor."
Mr Buffett is eminently qualified to talk abt taxing the rich given he is one of the richest man in the USA n the world!
He has been consistently advocating for his fellow rich folks to pay more taxes if the money is used to make sure that the poor r not overwhelmed by the burdens of life that they r forced to rob the rich; like in the ancient past!!
Of course, the rich folks can use many legitimate tax avoidance schemes to minimise the taxes they pay. This is especially so if they believed that tax money r usually being abused for personal n unethical or unproductive public spending!!
This is also one reason many high net worth individuals set up charitable funds to avoid tax n focused on doing their own social work as they hv full control of the programs.
The gov should encourage this type of behaviours!!
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